1. Technical Field
The present invention generally relates to network transactions and, more particularly, to facilitating fund transfers over a network.
2. Related Art
In electronic banking and commerce, a user typically accesses accounts and conducts financial transactions through electronic communications with online service providers over communication networks, such as the Internet. Typically, when potential users sign up or use a service for processing payments and fund transfers through the Internet, the user steps through a series of steps to verify identity and a funding source. These steps ensure that funds being transferred out of or into an account is indeed an account associated with the user and not an unauthorized account.
Conventional techniques include inputting and verifying user provided information, such as account numbers, routing information, and billing address, which can often be cumbersome and time-consuming for the user. These conventional techniques may include the user typing in bank information, such as an account number and a routing number. In one instance, the online service provider may deposit a small amount of funds (e.g., 2 cents) into the user's bank account, typically a few days after the information is entered. The user then periodically checks the user's account to verify whether any small deposits have been received. Once received, the user accesses the online service provider to confirm the deposit to the account.
Unfortunately, these conventional techniques are time consuming and effort intensive and typically require the user to perform several steps and navigation events for deposit verification and settlement. As such, there currently exists a need to improve a user's experience during financial transactions including fund transfers over a network.